Responding to COVID-19: insight, support and guidance
An online platform has been launched today (27 September) that seeks to improve understanding of the varying financial reporting methods of not-for-profit organisations around the world, by bringing together information on national guidance into one place.
Developed for the International Forum of Accounting Standard Setters (IFASS) Not-for-profit Working Group by CIPFA, the Chartered Institute of Public Finance and Accountancy, the platform allows approaches to not-for-profit accounting and reporting across different countries to be compared directly for the first time.
The resource will also enable users to determine how best to account for similar transactions, which, in the absence of specific international standards for not-for-profit financial reporting, should help improve best practice and enhance understanding of reporting practices in different jurisdictions.
The International Not for Profit Platform was launched at IFASS's meeting in London, UK, by the IFASS Not-for-profit Working Group. CIPFA’s chief executive, Rob Whiteman, welcomed the launch of the new platform:
“Despite the increasing importance of the not-for-profit sector globally there are still no international financial reporting standards to ensure that individual organisations can be held accountable in a comparable way.
“CIPFA is delighted to have been able to support IFASS in developing this new resource, which we hope will be an important step towards this longer-term aim.”
IFASS Chair, Liesel Knorr added:
“Reporting standards for not-for-profit entities remain of great interest to national standard setters. Therefore IFASS is pleased to have played a part in an initiative which brings together standard setters to document current practice and identify issues.
“The initiative illustrates the important role IFASS has in both hosting discussions around areas of common interest and facilitating information sharing amongst standard setters.
“It is hoped the new platform and further work of the group contributes to the case for a single set of international reporting standards for the not-for-profit sector.”
The International Not for Profit Platform is available to access for free on CIPFA’s website.
For further information please contact Saskia Black on T: 020 7543 5600 or E: email@example.com
About the International Non for Profit Platform
The platform has been populated with data on individual countries provided by the members of the Working Group and brings various sources of guidance together for the first time. It initially focusses on accounting for non-exchange income, with the plan for the platform’s coverage to expand to other types of transactions and include data from other jurisdictions in future years.
The International Forum of Accounting Standard Setters (IFASS) is a grouping of national accounting standard-setters from around the world, plus other organisations that have a close involvement in financial reporting issues. IFASS provides a platform for national standard setters to discuss current issues and developments in international financial reporting.
About the IFASS Not-for-profit Working Group
The IFASS Not-for-profit Working Group is an informal grouping of standard setters and other organisations that have an interest in not-for-profit reporting. The group provides a forum at which the most pressing issues being encountered by standard setters in this sector are discussed, and allows for ideas, experience and best practice to be shared. There are nine countries currently represented on the group. The International Accounting Standards Board (IASB) participate as observers and secretariat support is provided by CIPFA.
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed.
As the world’s only professional accountancy body to specialise in public services, CIPFA develops auditing and financial reporting standards and guidance. Currently CIPFA acts as secretariat to the UK Charities SORP-making body, who develop the statement of recommended practice (SORP) applicable for charities in the UK and the Republic of Ireland.